According to reliable sources, Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), has reportedly uncovered a fraudulent scheme amounting to N70 billion. The scheme allegedly involves the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, colluding with others, including the Sarkin Hausawa of Lagos, Alhaji Aminu Yaro, and his wife, in a forex differential fraud facilitated by Emefiele.
President Bola Tinubu recently suspended Emefiele from his position, leading to his subsequent arrest and transfer from Lagos to Abuja for interrogation regarding corruption and abuse of office. The suspension was confirmed by Willie Bassey, the Director of Information for the Secretary to the Government of the Federation, George Akume.
Sources have disclosed that Emefiele, through the abuse of his office, engaged in forex differential fraud with the assistance of Aminu Yaro and his wife, who is reported to be an employee of the CBN. The scheme involved selling forex to individuals at the official rate on paper, with an understanding that they would sell it on the black market once the CBN credited their banks. The difference in rates would then be transferred to Aminu Yaro’s account on behalf of Emefiele. It is estimated that approximately N70 billion has been traced to this account during the course of the investigation.
The wife of Aminu Yaro, being a signatory to the company account where the funds were deposited, has been invited by the EFCC for questioning. However, there are allegations that the case has been compromised by the suspended Chairman of the EFCC, Abdulrasheed Bawa, due to the involvement of individuals close to the seat of power. It has been reported that the charges brought against the wife were related to SCUML (Special Control Unit Against Money Laundering) offenses, while the main case involving forex exchange malpractice was overlooked.
In a separate development, President Tinubu has directed the unification of foreign exchange rates, replacing the multiple exchange rate regimes established during the administration of former President Muhammadu Buhari. Tinubu also suspended Bawa from his position indefinitely, citing the need for a proper investigation into allegations of abuse of office.
It is worth noting that the detained Bawa has been implicated by Emefiele in the Naira redesign scam that occurred a few months ago. Both individuals are currently in the custody of the Department of State Services, Nigeria’s secret police.
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